New Delhi, Feb 05 : With the financial year coming to an end, the Income Tax department will now actively scrutinize tax payers and their tax liabilities.
If you have received any notice of impending tax from the Income Tax department, you should take it on priority basis and file your returns.
Zee Media sources said that the Income Tax department will send notices to defaulters and if they do not file their tax despite reminders, and it will directly deduct money from their bank accounts.
Sources said that the IT department will additionally send notices to the banks of the tax payers. Thereupon, the bank account of the defaulters will be frozen and the money will be directly deducted from the account.
The bank account which is linked to your PAN card will be frozen and then IT department will initiate the action.
The Interim Budget 2019-20 has estimated to collect Rs 13.80 lakh crore from direct taxes, which include Corporate tax and Personal Income Tax, compared to Rs 12 lakh crore in the current fiscal — representing a growth of 15 percent.
The increase in the direct tax collection was 15 percent in 2016-17, 18 percent in 2017-18, and 19.76 percent in 2018-19. The mop up was Rs 8.50 lakh in 2016-17, Rs 10.02 lakh crore in 2017-18 and is estimated at Rs 12 lakh crore in the current fiscal (2018-19).
